Systems, methods, and computer program product for real estate value analysis

Abstract

Methods, apparatus, and computer-readable media are described for generating a credible market value that is utilized to produce a listing price for a property with reduced risk of a substantial reduction in the listing price before selling the property and for assessing risk of incorrectly pricing a property. A subject property, selected comparables, and selected comparables having multiple sales are imported from one or more databases for analysis. Information that is imported may include, for example, property features, original listing prices, record of days on the market, and a final listing price and sales price for each property that was sold. A market analysis process is run to produce relative market assessments and a residential value process is run including appreciation calculations based on the comparable properties having multiple sales to produce the credible market value. Graphs are plotted and other computer outputs are provided to identify the risk of incorrectly pricing a property and to illustrate that risk to a potential seller. Additionally, tools are provided to readily illustrate how changes in underlying assumptions affect the analysis.

Description

CROSS REFERENCE TO RELATED APPLICATION[0001]The present application claims the benefit of U.S. Provisional Patent Application No. 60 / 903,646 entitled “REAL ESTATE VALUE ANALYSIS METHODS AND SYSTEMS” and filed on Feb. 27, 2007 which is hereby incorporated by reference in its entirety.FIELD OF THE INVENTION[0002]The present invention relates generally to real estate value analysis systems, methods, and computer program products, and more particularly to advantageous techniques and models for residential pricing analysis, pricing sensitivity analysis, risk assessment, and appreciation analysis.BACKGROUND OF INVENTION[0003]One or more real estate professionals, realtors, may be invited by a home or property owner to evaluate the “value” of their home and quote a likely selling price. In today's environment, the realtor will visit the home and take note of its features and then manually review a multiple listing service (MLS) for comparable homes that have recently sold in the area. This...

AI Technical Summary

Benefits of technology

The present invention provides tools and techniques to accurately analyze the value of real estate properties. It does this by using data from databases that have properties for sale in a specific area to determine the relative market assessments and appreciated values of similar properties that have been sold. This process, run by a computer program, reduces the risk of a significant reduction in the listing price of a property before it is sold. The result is a credible market value that is used to set a listing price for a property, which minimizes the risk of price reduction.

Problems solved by technology

The graph also includes a third indication of a calculated average difference from a property's original list price to sales price after the first indication for each property having the original list price different from the final list price and the third indication represents a risk of incorrectly pricing a property.

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